Systar (XPAR:SAR) Beneish M-Score : 0.00 (As of Jun. 06, 2024)

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What is Systar Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Systar's Beneish M-Score or its related term are showing as below:

During the past 5 years, the highest Beneish M-Score of Systar was 0.00. The lowest was 0.00. And the median was 0.00.

Systar Beneish M-Score Historical Data

The historical data trend for Systar's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Systar Beneish M-Score Chart

Systar Annual Data

Trend

Jun09

Jun10

Jun11

Jun12

Jun13

Beneish M-Score

-3.13

-4.47

Systar Semi-Annual Data
	Dec09	Jun10	Dec10	Jun11	Dec11	Jun12	Dec12	Jun13	Dec13
Beneish M-Score	Get a 7-Day Free Trial				-	-3.13	-	-4.47	-

Competitive Comparison of Systar's Beneish M-Score

For the Software - Application subindustry, Systar's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Systar's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Systar's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Systar's Beneish M-Score falls into.

Systar Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Systar for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.715

0.528 * 0.9938

0.404 * 1.008

0.892 * 0.8263

0.115 * 0.9877

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3041

4.679 * -0.325235

0.327 * 0.9908

-4.47

This Year (Jun13) TTM:

Last Year (Jun12) TTM:

Total Receivables was €4.03 Mil.
Revenue was €18.97 Mil.
Gross Profit was €13.53 Mil.
Total Current Assets was €14.77 Mil.
Total Assets was €21.78 Mil.
Property, Plant and Equipment(Net PPE) was €0.33 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.97 Mil.
Selling, General, & Admin. Expense(SGA) was €9.38 Mil.
Total Current Liabilities was €10.40 Mil.
Long-Term Debt & Capital Lease Obligation was €1.73 Mil.
Net Income was €-2.68 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €4.40 Mil.

Total Receivables was €6.82 Mil.
Revenue was €22.96 Mil.
Gross Profit was €16.27 Mil.
Total Current Assets was €17.41 Mil.
Total Assets was €25.43 Mil.
Property, Plant and Equipment(Net PPE) was €0.29 Mil.
Depreciation, Depletion and Amortization(DDA) was €3.63 Mil.
Selling, General, & Admin. Expense(SGA) was €8.71 Mil.
Total Current Liabilities was €12.92 Mil.
Long-Term Debt & Capital Lease Obligation was €1.38 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(4.027 / 18.971)	/	(6.816 / 22.96)
	=	0.212271	/	0.296864
	=	0.715

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(16.269 / 22.96)	/	(13.526 / 18.971)
	=	0.70858	/	0.712983
	=	0.9938

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (14.774 + 0.334) / 21.775)	/	(1 - (17.413 + 0.292) / 25.429)
	=	0.306177	/	0.303748
	=	1.008

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	18.971	/	22.96
	=	0.8263

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(3.625 / (3.625 + 0.292))	/	(4.968 / (4.968 + 0.334))
	=	0.925453	/	0.937005
	=	0.9877

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(9.38 / 18.971)	/	(8.705 / 22.96)
	=	0.494439	/	0.379138
	=	1.3041

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((1.728 + 10.399) / 21.775)	/	((1.375 + 12.919) / 25.429)
	=	0.556923	/	0.562114
	=	0.9908

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-2.679 - 0	-	4.403)	/	21.775
	=	-0.325235

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Systar has a M-score of -4.47 suggests that the company is unlikely to be a manipulator.

Systar Beneish M-Score Related Terms

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Systar (XPAR:SAR) Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.systar.com

Systar is a provider of performance management software that enables large organizations to maximize the efficiency of their business operations and IT infrastructure.